Variable Annuity Payments. The annuity payment options are available on a variable basis. The total amount of each variable annuity payment will be the sum of the variable annuity payments for each Variable Account selected by the Owner to apply to an annuity payment option. The dollar amount of the first variable annuity payment will depend on: • the value of each Variable Account on the first Valuation Date preceding the Annuity Commencement Date; • the annuity payment option selected; • the age and sex of the annuitant / Owner; • the annuity purchase rates, which shall be the same rates that are available for a single premium immediate annuity currently offered by Great-West at the time the Owner begins receiving annuity payments; • an assumed interest rate (“AIR”)of [2.5%]; • the deduction of any applicable premium taxes; and • the deduction of any Contract fees and charges. The dollar amount of additional variable annuity payments will vary based on the investment performance of the Variable Accounts selected by the Owner to apply to an annuity payment option. This amount is equal to the sum of the amounts determined by multiplying the number of annuity units of each particular Variable Account by the annuity unit value for the particular Variable Account on the date the payment is made. The number of annuity units to be credited in respect of a particular Variable Account is determined by dividing the portion of the first variable annuity payment attributable to that Variable Account by the annuity unit value of that Variable Account on the Annuity Commencement Date. The number of annuity units of each particular Variable Account then remains fixed, assuming no transfers to or from that Variable Account occur. The dollar amount of each variable annuity payment after the first may increase, decrease, or remain constant. If the actual investment performance of a Variable Account (net of fees and expenses) exactly matches the AIR of [2.5%] at all times, the amount of each variable annuity payment would remain constant. If actual investment performance (net of fees and expenses) exceeds the AIR, the amount of the variable annuity payments would [SecureFoundation VA] XXX - 22 - increase. Conversely, if actual investment performance (net of fees and expenses) is lower than the assumed investment return, the amount of the variable annuity payments would decrease. Once variable annuity payments have begun, the Owner may transfer all or a portion of his or her Covered Fund Value from one Variable Account to another. Transfers after the Annuity Commencement Date will be made by converting the number of annuity units being transferred to the number of annuity units of the Variable Account to which the transfer is made. Thereafter, annuity payments will reflect the performance of the Variable Account to which the transfer is made.

Appears in 1 contract

Samples: Variable Annuity-8 Series Account

Variable Annuity Payments. The ~~annuity payment options~~ guaranteed purchase rates for variable Annuity Payments are ~~available~~ based on ~~a variable basis~~the Annuity Mortality Table and the Assumed Investment Rate, and are shown in Table B on the Contract Schedule. The ~~total~~ Annuity Mortality Table and Assumed Investment Rate are also shown on the Contract Schedule. The first variable Annuity Payment is equal to the portion of the Adjusted Base Account Value allocated to variable Annuity Payments, divided by $1,000, and then muliplied by the applicable purchase rate for the Annuity Option you select. Variable Annuity Payments may change, based on the performance of your selected Investment Options and the Assumed Investment Rate. We then purchase a fixed number of Annuity Units on the Annuity Date for each subaccount of your selected Investment Options. We do this by dividing the amount of the first Annuity Payment among your selected Investment Options’ subaccounts according to your future Purchase Payment allocation instructions. We then divide the Annuity Payment amount in each subaccount by the subaccount’s Annuity Unit value. On each Business Day after the Annuity Date, we determine each subaccount’s Annuity Unit value by multiplying the Annuity Unit value for the prior Business Day by the Net Investment Factor for the current Business Day, and then dividing by the assumed Net Investment Factor for the current Business Day. The assumed Net Investment Factor for the current Business Day is equal to one plus the Assumed Investment Rate, adjusted to reflect the number of calendar days that have elapsed since the prior Business Day. Thereafter, the number of Annuity Units in each subaccount remains unchanged unless you make a Transfer. However, the number of Annuity Units will change if, under Annuity Option 3, one Annuitant dies and you requested Annuity Payments at 75% or 50% of the previous payment amount. All calculations will appropriately reflect the payment frequency you selected. On each subsequent variable ~~annuity payment will be~~ Annuity Payment date, the total variable Annuity Payment is the sum of the variable ~~annuity payments~~ Annuity Payments for each ~~Variable Account selected by the Owner to apply to an annuity payment option~~subaccount. ~~The dollar amount of the first variable annuity payment will depend on: • the value of each Variable Account on the first Valuation Date preceding~~ We determine the Annuity ~~Commencement Date; • the annuity payment option selected; • the age and sex of the annuitant / Owner; • the annuity purchase rates, which shall be the same rates that are available~~ Payment for a single premium immediate annuity currently offered by Great-West at the time the Owner begins receiving annuity payments; • an assumed interest rate (“AIR”)of [2.5%]; • the deduction of any applicable premium taxes; and • the deduction of any Contract fees and charges. The dollar amount of additional variable annuity payments will vary based on the investment performance of the Variable Accounts selected by the Owner to apply to an annuity payment option. This amount is equal to the sum of the amounts determined each subaccount by multiplying the subaccount’s number of ~~annuity units of each particular Variable Account~~ Annuity Units by the ~~annuity unit~~ Annuity Unit value ~~for the particular Variable Account~~ on the ~~date the~~ payment ~~is made~~date. The number of annuity units to be credited in respect of a particular Variable Account is determined by dividing the portion of the first variable annuity payment attributable to that Variable Account by the annuity unit value of that Variable Account on the Annuity Commencement Date. The number of annuity units of each particular Variable Account then remains fixed, assuming no transfers to or from that Variable Account occur. The dollar amount of each variable annuity payment after the first Options You may increase, decrease, or remain constant. If the actual investment performance of a Variable Account (net of fees and expenses) exactly matches the AIR of [2.5%] at all times, the amount of each variable annuity payment would remain constant. If actual investment performance (net of fees and expenses) exceeds the AIR, the amount of the variable annuity payments would [SecureFoundation VA] XXX - 22 - increase. Conversely, if actual investment performance (net of fees and expenses) is lower select an Annuity Option other than the assumed investment return, the amount of the variable annuity payments would decrease. Once variable annuity payments have begun, the Owner may transfer all or a portion of his or her Covered Fund Value from one Variable Account to another. Transfers after the Annuity Commencement Date will be made by converting the number of annuity units being transferred to the number of annuity units of the Variable Account to which the transfer is made. Thereafter, annuity payments will reflect the performance of the Variable Account to which the transfer is madeOptions 1 through 5 with our written agreement.

Appears in 1 contract

Samples: Allianz Life Variable Account B

Appears in 1 contract

Samples: Jackson National Separate Account - I

Appears in 1 contract

Samples: Jnlny Separate Account I

Variable Annuity Payments. The Company will determine the initial Variable Annuity Payment by applying annuity payment options are available on a variable basis. The total amount of each variable annuity payment will be the sum of the variable annuity payments for each Variable Account selected by the Owner to apply to an annuity payment option. The dollar amount of the first variable annuity payment will depend on: • the value of each Variable Account on the first Valuation Date preceding the Annuity Commencement Date; • the annuity payment option selected; • rates consistent with the age and sex (unless unisex rates apply) of the ~~annuitant / Owner; •~~ Annuitant and, if applicable, the ~~annuity purchase rates~~designated second person, ~~which shall~~ to the portion of the Contract Value allocated to the Variable Annuity Payment options. Annuity rates applied will not be less than the ~~same~~ rates ~~that are available for a single premium immediate annuity currently offered by Great-West at~~ provided in the ~~time the Owner begins receiving annuity payments; • an assumed interest rate (“AIR”)of [2.5%]; • the deduction~~ Contract's Table of ~~any applicable premium taxes; and • the deduction of any Contract fees and charges~~Income Options. The Company will determine the second and subsequent Variable Annuity Payments in two (2) steps. First, the Company will divide the initial Variable Annuity Payment by the Annuity Unit Value calculated on the Income Date to establish a number of Annuity Units. Second, the Company will multiply that number of Annuity Units by the Annuity Unit Value determined on the Business Day next preceding the date on which each payment is due. The result of each calculation determines the Variable Annuity Payment due. Once Variable Annuity Payments have begun, the number of Annuity Units remains constant absent a reallocation between the Investment Divisions. Variable Annuity Payments are not affected by expenses other than taxes. Neither expenses actually incurred, other than taxes on the investment return, nor the mortality actually experienced, shall adversely effect the dollar amount of ~~additional variable annuity~~ Variable Annuity Payments after such payments ~~will vary based on~~ have commenced. Annuity Unit Value. The Company sets the initial value of an Annuity Unit of each Investment Division when the Company establishes the Investment Division. The Annuity Unit Value reflects the investment performance of an Investment Division and may increase or decrease from one Business Day to the next. The Contract's Table of Income Options assumes the net investment rates described in the Contract's Basis of Computation provision. Therefore, if an Investment Division's actual net investment rate is greater than or less than the assumed net investment rate, Variable ~~Accounts selected~~ Annuity Payments will increase or decrease accordingly over time. The Company calculates each Investment Division's Annuity Unit Value for any Business Day in two (2) steps: First, the Company multiplies the immediately preceding Business Day's Annuity Unit Value by the ~~Owner~~ Business Day's "net investment factor" determined on the day of the calculation. The Company determines the "net investment factor," which reflects changes in the Investment Division's net asset value, by dividing the value established at (1) below by the value established at (2) below, and then subtracting the value established at (3) below, where: VA775NY 26 INCOME PROVISIONS (CONT'D) (1) Is the net result of: a. the Investment Division's net asset value at the end of the Business Day; plus b. the per share amount of any dividend or other distribution declared by the Investment Division if the "ex-dividend" date occurs on the Business Day; plus or minus c. a per share credit or charge with respect to ~~apply~~ any taxes paid or reserved for by the Company which are determined by the Company to ~~an annuity payment option~~be attributable to the operation of the Investment Division (no federal income taxes are applicable under present law); and (2) Is the Investment Division's net asset value at the end of the preceding Business Day; and (3) Is the asset charge factor the Company determines for the Business Day to reflect the applicable Core Contract Charge. ~~This amount is~~ Second, the Company multiplies the result from the first step above by a factor equal to the ~~sum~~ ratio of the amounts determined by multiplying the number of annuity units of each particular Variable Account by the annuity unit value for the particular Variable Account on the date the payment is made. The number of annuity units to be credited in respect of a particular Variable Account is determined by dividing the portion of the first variable annuity payment attributable to that Variable Account by the annuity unit value of that Variable Account on the Annuity Commencement Date. The number of annuity units of each particular Variable Account then remains fixed, assuming no transfers to or from that Variable Account occur. The dollar amount of each variable annuity payment after the first may increase, decrease, or remain constant. If the actual investment performance of a Variable Account (net of fees and expenses) exactly matches the AIR of [2.5%] at all times, the amount of each variable annuity payment would remain constant. If actual investment performance (net of fees and expenses) exceeds the AIR, the amount of the variable annuity payments would [SecureFoundation VA] XXX - 22 - increase. Conversely, if actual investment performance (net of fees and expenses) is lower than one over one plus the assumed net investment ~~return~~rate, the amount of the variable annuity payments would decrease. Once variable annuity payments have begun, the Owner may transfer all or a portion of his or her Covered Fund Value from one Variable Account to another. Transfers after the Annuity Commencement Date will be made by converting the number of annuity units being transferred raised to the number of ~~annuity units~~ calendar days between the previous Business Day and the current Business Day over the number of calendar days in the current year. The factor is expressed formulaically as follows: � 1 � � � 1 + 퐴퐼푅 where: AIR is the assumed net investment rate. t is the number of calendar days between the previous Business Day and the current Business Day. y is the number of calendar days in the current year. NATURAL OWNER'S DEATH AFTER THE INCOME DATE. Upon Your death or the death of any Joint Owner, who is not also an Annuitant, after the Income Date, remaining Income Payments due continue as before. Upon Your death after the Income Date, the Beneficiary becomes the Owner. ANNUITANT'S DEATH AFTER THE INCOME DATE. Upon the death of the ~~Variable Account~~ Annuitant after the Income Date, the death benefit, if any, will be as specified in the Income Option elected. Death benefits will be paid at least as rapidly as under the method of distribution in effect at the Annuitant's death. BENEFICIARY'S ENTITLEMENT TO INCOME PAYMENTS AFTER THE INCOME DATE. Upon Your death or the death of any Joint Owner, the Company will pay remaining Income Payments due to Primary Beneficiaries or, if none exist, to the Contingent Beneficiaries, in equal shares (the "default allocation") unless You have designated otherwise (the "designated allocation"). A Beneficiary that dies before or within ten (10) days (or different period as prescribed by applicable law) of Your death is not entitled to any remaining Income Payments due; in that circumstance, the Company will pay remaining Income Payments due the deceased Beneficiary to surviving Beneficiaries in the same proportion as the designated allocation or, if applicable, the default allocation. If no Beneficiary survives You, the Company will pay remaining Income Payments to Your estate. VA775NY 27 TERMINATION PROVISION This Contract terminates and all Contract benefits, including those provided by any add-on benefits unless otherwise specified in the add-on benefits, will end on the earlier of: 1. the date You take a total withdrawal; 2. the date the Contract Value is reduced to zero for any reason or insufficient to pay Contract charges; or 3. the date upon which the ~~transfer~~ Company receives Due Proof of Your (or any Joint Owner's) death and a Beneficiary's election of a death benefit payment option in Good Order at the Company's Service Center, unless the Contract is ~~made~~continued by the spouse under the Spousal Continuation Option. ~~Thereafter, annuity payments will reflect the performance of the Variable Account to which the transfer is made.~~VA775NY 28

Appears in 1 contract

Samples: Jnlny Separate Account I

Variable Annuity Payments. The ~~annuity payment options~~ guaranteed purchase rates for variable Annuity Payments are ~~available~~ based on ~~a variable basis~~the Annuity Mortality Table and the Assumed Investment Rate, and are shown in Table B on the Contract Schedule. The ~~total~~ Annuity Mortality Table and Assumed Investment Rate are also shown on the Contract Schedule. The first variable Annuity Payment is equal to the portion of the Adjusted Base Account Value allocated to variable Annuity Payments, divided by $1,000, and then muliplied by the applicable purchase rate for the Annuity Option you select. Variable Annuity Payments may change, based on the performance of your selected Investment Options and the Assumed Investment Rate. The Assumed Investment Rate will not be greater than 5%. We then purchase a fixed number of Annuity Units on the Annuity Date for each subaccount of your selected Investment Options. We do this by dividing the amount of the first Annuity Payment among your selected Investment Options’ subaccounts according to your future Purchase Payment allocation instructions. We then divide the Annuity Payment amount in each subaccount by the subaccount’s Annuity Unit value. On each Business Day after the Annuity Date, we determine each subaccount’s Annuity Unit value by multiplying the Annuity Unit value for the prior Business Day by the Net Investment Factor for the current Business Day, and then dividing by the assumed Net Investment Factor for the current Business Day. The assumed Net Investment Factor for the current Business Day is equal to one plus the Assumed Investment Rate, adjusted to reflect the number of calendar days that have elapsed since the prior Business Day. Thereafter, the number of Annuity Units in each subaccount remains unchanged unless you make a Transfer. However, the number of Annuity Units will change if, under Annuity Option 3, one Annuitant dies and you requested Annuity Payments at 75% or 50% of the previous payment amount. All calculations will appropriately reflect the payment frequency you selected. On each subsequent variable ~~annuity payment will be~~ Annuity Payment date, the total variable Annuity Payment is the sum of the variable ~~annuity payments~~ Annuity Payments for each ~~Variable Account selected~~ subaccount. We determine the Annuity Payment for each subaccount by multiplying the subaccount’s number of Annuity Units by the ~~Owner to apply to an annuity~~ Annuity Unit value on the payment ~~option~~date. ~~The~~ After the Annuity Date, the actual expenses and mortality experienced by the Company, other than taxes on the investment return, will not adversely affect the dollar amount of ~~the first~~ variable ~~annuity payment will depend on: • the value of each Variable Account on the first Valuation Date preceding the~~ Annuity Commencement Date; • the annuity payment option selected; • the age and sex of the annuitant / Owner; • the annuity purchase rates, which shall be the same rates that are available for a single premium immediate annuity currently offered by Great-West at the time the Owner begins receiving annuity payments; • an assumed interest rate (“AIR”)of [2.5%]; • the deduction of any applicable premium taxes; and • the deduction of any Contract fees and charges. The dollar amount of additional variable annuity payments will vary based on the investment performance of the Variable Accounts selected by the Owner to apply to an annuity payment option. This amount is equal to the sum of the amounts determined by multiplying the number of annuity units of each particular Variable Account by the annuity unit value for the particular Variable Account on the date the payment is made. The number of annuity units to be credited in respect of a particular Variable Account is determined by dividing the portion of the first variable annuity payment attributable to that Variable Account by the annuity unit value of that Variable Account on the Annuity Commencement Date. The number of annuity units of each particular Variable Account then remains fixed, assuming no transfers to or from that Variable Account occur. The dollar amount of each variable annuity payment after the first may increase, decrease, or remain constant. If the actual investment performance of a Variable Account (net of fees and expenses) exactly matches the AIR of [2.5%] at all times, the amount of each variable annuity payment would remain constant. If actual investment performance (net of fees and expenses) exceeds the AIR, the amount of the variable annuity payments would [SecureFoundation VA] XXX - 22 - increase. Conversely, if actual investment performance (net of fees and expenses) is lower than the assumed investment return, the amount of the variable annuity payments would decrease. Once variable annuity payments have begun, the Owner may transfer all or a portion of his or her Covered Fund Value from one Variable Account to another. Transfers after the Annuity Commencement Date will be made by converting the number of annuity units being transferred to the number of annuity units of the Variable Account to which the transfer is made. Thereafter, annuity payments will reflect the performance of the Variable Account to which the transfer is madePayments.

Appears in 1 contract

Samples: Allianz Life of Ny Variable Account C

Appears in 1 contract

Samples: Jnlny Separate Account I

Appears in 1 contract

Samples: Jnlny Separate Account I

Appears in 1 contract

Samples: Jackson National Separate Account - I

Appears in 1 contract

Samples: Jnlny Separate Account I

Common use of Variable Annuity Payments Clause in Contracts